PART 6Transitional and saving provisions
Transitional and saving provisions: overseas persons8
1
The transition period for an overseas person begins with commencement.
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3
The transition period for an overseas person established in a State which is not F2the United Kingdom ends immediately after—
a
if the overseas person has made an application under Article 25(4) of the CSD regulation before the end of the six month period specified in Article F369(1) of that regulation, the determination of its application under Article 25(4) of that regulation, or
b
if the overseas person has not made an application under Article 25(4) of the CSD regulation before the end of the six month period specified in Article F369(1) of that regulation, the end of that six month period.
4
During the transition period for an overseas person, article 72 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M1 applies in relation to that overseas person as if it had not been amended by these Regulations.
5
In this regulation, “overseas person” means an overseas person (within the meaning of article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001) which immediately before commencement provided the services referred to in Article 23 or 25 of the CSD regulation in the United Kingdom (including through a branch in the United Kingdom) F4or which immediately before IP completion day was authorised under Article 16 of the CSD regulation.